A man looks at Sony's Bravia flat panel TV sets on display at a Tokyo electronics store Thursday. Sony Corp. reported Thursday a smaller flow of red ink for the fiscal second quarter on a sales recovery and restructuring efforts and stuck to its full year forecast for a return to profit from its worst loss in company history the previous year. The Japanese electronics and entertainment company recorded a 15.5 billion yen ($193 million yen) loss for the July-September period, much better than the 27 billion yen loss racked up the same period the previous year.

Pfizer 3Q profit falls 14% on generic Lipitor

Drug giant Pfizer Inc. said Thursday that its third-quarter profit fell 14 percent as sales plunged, mainly due to U.S. generic competition to cholesterol fighter Lipitor, long the world's top-selling drug. Sales of Lipitor, which is still under patent in some other countries, dropped 71 percent worldwide to $749 million and nosedived 87 percent in the U.S. It had plenty of company: Sales for more than two-thirds of Pfizer's medicines declined, most by 10 percent or more and mainly because of generic competition. That cut prescription drug revenue by about $2 billion. But even Prevnar 13, a shot against ear infections, deadly meningitis and other bacterial diseases that is the top-selling vaccine in history, saw sales fall by 12 percent, to $868 million. It's still protected by patents, so the drop could indicate that sales have hit a wall as most children in developing countries have already been vaccinated. Excluding one-time items, earnings were 53 cents per share. Analysts expected 52 cents. The items included a $1.1 billion gain from a tax settlement, a $491 million charge related to an agreement with the U.S. Justice Department to end an investigation into past promotion of the immunosuppressant drug Rapamune for unapproved uses, and other charges for restructuring, productivity initiatives and the gradual writedown in the value of some assets. Revenue fell 16 percent to $13.98 billion, well below expectations for $14.66 billion. Unfavorable exchange rates cut worldwide revenue by 4 percent. Excluding the currency impact, total international sales fell 7 percent, to $8.35 billion. U.S. sales dropped 18 percent, to $5.63 billion.

Kellogg gets a boost from Pringles in 3Q

Kellogg Co.'s net income edged up in the third quarter, as the breakfast giant benefited from its acquisition of Pringles chips. The Battle Creek, Michigan-based company - best known for its Frosted Flakes, Pop-Tarts and Eggo waffles - bought the brand earlier this year in hopes of becoming a global player in the salty snacks market. The deal instantly made Kellogg the world's second biggest salty snack food company, behind only PepsiCo Inc.'s Frito-Lay. Since Pringles gets two-thirds of its revenue from overseas, Kellogg is also hoping the deal gives it inroads into the international markets where the ranks of people with more disposable income are growing. During the third quarter, Kellogg said a stronger-than-expected performance by Pringles offset costs it incurred related to a Mini-Wheats recall last month. The cereal recall, combined with rising costs for ingredients and increased spending on brand building, reduced the company's core operating profit by 5 percent. The measure excludes results from Pringles. For the period ended Sept. 29, Kellogg says it earned $296 million, or 82 cents per share, in the quarter. That compares with $290 million, or 80 cents per share, a year ago. The company said that integration costs hurt its results by 4 cents per share, and the recall reduced results by 6 cents per share. Not including such items, analysts on average expected a profit of 81 cents per share, according to FactSet. Total revenue rose 12 percent to $3.72 billion, above the $3.7 billion analysts expected.

Exxon's 3Q profit falls 7% to $9.57 billion

Exxon Mobil Corp.'s third-quarter profit fell 7 percent as it produced less oil and gas and fetched lower prices. The biggest U.S. oil company said net income totaled $9.57 billion, down from $10.33 billion a year earlier. That works out to $2.09 per share. Analysts expected $1.95 per share, according to FactSet. Revenue fell 8 percent, to $115.71 billion, still better than the $112.40 billion that analysts had forecast. The weak global economy has lowered demand for everything from gasoline to jet fuel. Fear about future growth has undercut prices for oil and natural gas. Exxon's business of refining oil and selling gasoline and other products earned more, but that was offset by a big drop in the exploration-and-production end of the company. Oil and gas production fell 7.5 percent, and lower prices also cut into profit. The company spent 7 percent more on capital expenses and exploration, up to $9.18 billion.

Lower oil prices weigh on Shell in Q3

Royal Dutch Shell PLC has reported a 15 percent fall in core earnings in the third quarter, saying falls in the price of gas and oil more than offset gains stemming from cost savings and production increases. The company said earnings on the industry standard "current cost of supplies" measure, which strips out the impact of fluctuations in the price of oil between when it is produced and when it's sold, were $6.13 billion, down from $7.24 billion in the same period a year ago. However, prices were lower than a year ago, partly because of the global economic uncertainty. Net profit was $7.14 billion, up slightly from $6.98 billion in the same period a year ago, reflecting one-time losses a year ago. Sales fell 8.9 percent to $112 billion.

Avon Products 3Q net income drops

Avon Products says its third-quarter net income fell 81 percent, hurt by the stronger dollar and an impairment charge. The company also slashed its dividend as it works on a turnaround. The U.S.-based direct seller of beauty products says net income fell to $31.6 million, or 7 cents per share. That compares with $164.2 million, or 38 cents per share, last year. Excluding an impairment charge, profit was 17 cents per share. Analysts expected earnings of 22 cents per share. Revenue fell 8 percent to $2.55 billion. Analysts expected $2.58 billion. Avon says it plans to cut costs to save $400 million in three years. It cut its quarterly dividend to 6 cents from 23 cents.

Dollar Thrifty 3Q net income falls on higher costs

Dollar Thrifty Automotive Group Inc. said Thursday that its third-quarter net income fell 17 percent, hurt by higher fleet costs and expenses related to its pending acquisition by Hertz Global Holdings Inc. The Tulsa, Okla.-based company earned $55.5 million, or $1.91 per share, for the three months ended Sept. 30, down from $66.6 million, or $2.13 per share, a year ago. Revenue rose 2 percent to $460.6 million from $451.7 million. The recent quarter's results included $5.7 million in costs related to the deal with Hertz. In addition, the company's average fleet cost per vehicle jumped 32 percent, largely as a result of lower gains on the sales of certain vehicles. Vehicle rental revenue rose just under 2 percent to $442.3 million, as the company rented more vehicles for more days, but made less money off of each rental day. Based on its results so far this year, Dollar Thrifty raised its full-year profit prediction to a range of $5.50 to $5.75 per share from its previously predicted range of $5.25 to $5.70 per share. Analysts expect earnings of $5.48 per share.

Visa beats predictions, helped by emerging markets

Visa beat Wall Street's expectations for the latest quarter as it sought out business overseas. The payments processing company made $1.7 billion for the fiscal fourth quarter, which covered July through September, or $2.47 per share. That was nearly double the $880 million, or $1.27, that it made in the same period a year ago. After adjusting for one-time items, earnings were $1.54. That beat the predictions of analysts polled by FactSet, who had expected $1.50. Revenue was $2.73 billion for the quarter, up 15 percent. That was also better than the $2.68 billion that analysts had predicted. Revenue from data processing, international transactions and service were all up. Volume for all credit and debit use grew the most in Asia Pacific and the area covering Central Europe, the Middle East and Africa. It was only slightly higher in the U.S. For the full year, Visa earned $2.1 billion, down 41 percent from a year ago. Earnings were hurt in the fiscal third quarter because Visa and other credit card processors had to set aside money to settle a longstanding class-action lawsuit brought by retailers. Revenue for the full year was $10.4 billion, up 13 percent over the year.

RR Donnelley 3Q profit shrinks, cuts forecast

R.R. Donnelley & Sons Co.'s third-quarter net income dropped 55 percent as volumes and prices declined, with an extra hit from one-time charges like acquisition costs and the lack of a tax benefit from last year. The printing company also cut its revenue forecast for the year and expects 2012 adjusted earnings to come in at the lower end of its prior outlook as "challenging industry dynamics" and a weak global economy pressure its business. It's trying to control costs as revenue drops. The company spent $7.5 million in the most recent quarter on "employee termination costs" as it closed a U.S. manufacturing facility and reorganized operations. R.R. Donnelley reported Thursday that it earned $71.4 million, or 39 cents per share, compared with $158 million, or 83 cents per share, a year ago. Revenue for the three months ended Sept. 30 fell 6 percent to $2.51 billion from $2.68 billion, hurt by declining volumes, lower prices and changes in currency values. For a company with overseas operations, a stronger dollar means income from abroad takes a hit when it's translated back into the dollar.

Scripps Networks posts higher 3Q earnings

Scripps Networks Interactive Inc., the operator of pay-TV networks such as Food Network and HGTV, said Thursday that its third-quarter net income grew 20 percent thanks to higher revenue from both advertising and distributor fees. The company earned $118.4 million, or 78 cents per share, up 20 percent from $98.6 million, or 65 cents per share, in the same period a year ago. Revenue grew 12 percent to $566.2 million from $503.7 million. Advertising revenue grew 10 percent from a year ago to $377 million and affiliate fee revenue jumped 18 percent to $175 million.

Sony reduces loss on sales recovery, restructuring

Sony Corp. reported Thursday a smaller flow of red ink for the fiscal second quarter on a sales recovery and restructuring efforts and stuck to its full year forecast for a return to profit from its worst loss in company history the previous year. The Japanese electronics and entertainment company recorded a 15.5 billion yen ($193 million yen) loss for the July-September period, much better than the 27 billion yen loss racked up the same period the previous year. Quarterly sales improved 1.9 percent to 1.6 trillion yen ($20 billion). Sony, which reported a record annual loss of 457 billion yen ($5.7 billion) for the fiscal year ended March 31, its fourth straight year of red ink, stuck to its forecast to eke out a 20 billion yen ($250 million) profit for the current fiscal year.